High Rollin' in the United Arab Emirates

Slate are painting a bullish picture of the UAE at a time of downturn, Some great pictures though!




High Rollin' in the United Arab Emirates

Downturn hits Dubai's migrant workers.

Great slideshow from the FT

Dubai Downgrade & Debt

Fitch is cutting its ratings on Dubai Holding Commercial Operations Group (DHCOG), a holding company owned by Dubai's ruler, and state-owned utility Dubai Electricity and Water Authority DEWA. That's a big deal - as it says that there is less confidence in Dubai.

Despite the downgrade, both DEWA and DHCOG still benefited from potential support from the local and federal governments, Fitch said.

“The ratings continue to benefit from potential support from the Government and Dubai’s strong position and role within the UAE federation,” Fitch said. If separated from the Government, both companies were likely to warrant ratings lower than the ones they were currently assigned, the company said.

So because the companies are tied to Dubai, which is tied to the UAE Govy, which is propped up by Abu Dhabi, they are at a higher level than they would have been. But even so, a downgrade is on state companies is somewhat worrying.

Previously, the government of Dubai has been acting prudently by slowing or pulling back on their building spree whereby projects will be clowed or phased or even scrapped.



Fitch lowers credit ratings of several GCC banks

No recession predicted, but it ain't going to be a great time

A good summary article from Reuters worth reading in full regarding growth, slowdown, job cuts and recession. If you are interested in the UAE, you will read this:

The United Arab Emirates is poised for a more abrupt slowdown in economic growth than its Gulf Arab neighbours, as job cuts batter demand in the property and service industries which had enjoyed a six-year boom....But economists have stopped short of predicting a recession in the UAE because they expect the government will use a massive cushion of oil revenue surpluses to keep the economy moving.

UAE economy poised for abrupt slowdown amid job cuts

The Arab Rich list

The World's richest Arabs (excluding royalty) has been published by Arabian Business. Number in USD BN. Yes, billions of US Dollars.

1 Prince Alwaleed bin Talal Al Saud (17.08)
2 Nasser Al Kharafi (9.6)
3 Maan Al Sanea (9.3)
4 Sheikh Mohammed bin Issa Al Jabber(8.8)
5 Mohammad Al Amoudi (8.8)
6 Abdulaziz Al Ghurair(7.8)
7 The Bin Laden Family (7.2)
8 The Olayan Family (7.2)
9 The Kanoo Family (6.1)
10 Said Khoury (6.0)

The richest UAE (United Arab Emirates) Arabs on the list are:

6 Abdulaziz Al Ghurair
14 The Gargash Family
15 Mahdi Al-Tajir
17 Majid Al Futtaim
18 Abdullah Al Futtaim
35 The Al Rostamani Family
38 Omar Ayesh
41 Al Tayer Family

The worrying thing about this Arab rich list is that World's 50 richest Arabs have lost $25bn over the last year due to the downturn.

See the full Arab Rich List report for more.

The richest Arabs
World's 50 richest Arabs lose $25bn

Discounts in Dubai (Yves-Marie de Malleray)

Yves-Marie de Malleray is an artist that is continually innovating in his technique and material application, crossing new frontiers in the creation of art. He has developed a unique form of bas-relief, which combines engraving and painting. This aesthetically beautiful technique combines classical traditions in art with modern skills, thereby manifesting his desire to reconcile a glorious bygone era with contemporary times. He is known for, among others things, hisArabian horses, wild camels and the Houbara birds that Arab falconers hunt.

Yves -Marie de Malleray says: “ I has dedicated my life work to conveying the beauty of nature through art”.



This week he is exhibiting in Dubai, in the Grand Gallery at the Royal Mirage:

For $5000 a purchaser can take away from him a hunting scene fit for a Hermes scarf or a horseman's palace, one that two years ago would have cost twice as much.

If he wins some royal approval, if a member one of the big Dubai families approves a pair of panthers framed in gold reliefs, the artist will be smiling all the more.

There are thousands of northern Europeans here for a brief break from the winter horrors at home.

So, does that mean that the product was initially overpriced? Or does it mean that times are hard? I'm not sure this is the best time to be exhibiting, but if you must exhibit, then exhibit where those with money may purchase.

Aside, what else is half price today in Dubai?

To buy in Dubai